Old foundry land where a new Chattanooga Lookouts stadium is proposed should attract about $1 billion of housing, office and other commercial development — with most happening in the next decade, an official said Thursday.
Jim Irwin, president of Atlanta-based New City Properties and master developer of the 120-acre former U.S Pipe/Wheland Foundry site along Interstate 24, said he expects to see work start later this year on an estimated $100 million project next to the proposed ballpark.
He told the Chattanooga-Hamilton County Sports Authority the building is to hold 300 apartments, along with offices, retail space and parking.
“In parallel with the stadium design, we’ve been actively working on the first phase of private sector development,” Irwin said. “We’ve also successfully rezoned the entire site and we’ll immediately begin activation and planning for future phases.”
